Define decision making. Flashcards
(29 cards)
Define decision-making.
Defining problems, gathering information and choosing the best decisions.
Study the decision diagram
Page 8, Unit 7
What is big data?
Data that has big and high and needs advanced tools and techniques.
List the 5 V’s of big data.
Velocity
Volume
Variety
Value
Veracity
List the benefits of big data.
Increased value delivery
Better predictions
List the 3 types of adaptive decision-making.
Routine
Adaptive
Innovative
Study the framework of decision-making.
Page 14, Unit 7
How do goals affect decision-making.
triggered by a search for better to achieve goals.
effort to discover set new goals
List the benefits of setting goals.
Goals aid the planning process.
Goals motivate people and stimulate better performance
Goals provide expectations so that everyone can understand and work to achieve
Differentiate between general and operational goals.
General goals give a clear direction for decision-making in qualitative terms.
Operational goals state what has to be achieved in quantitative terms.
Study the diagram of stakeholders, alternatives and goals.
Page 18, Unit 7
List the decision-making models.
The rational model
The bounded rationality model
The political model
Study the rational decision-making model.
Page 20, Unit 7
Describe the bounded relationality model.
Making different decisions with the same info.
Satisficing.
Do limited search for alternative solutions.
Study the satisficing model
Page 24, Unit 7
Describe the political model of decision-making.
Favors the goals of powerful internal and external stakeholders.
What is knowledge management?
The art of building and integrating information base of an organization and building on its intellectual assets.
List the 3 main parts of knowledge management.
Explicit knowledge
Tacit knowledge
Enabling technologies
List the 3 knowledge management targets.
Teams
Customers
Employees
List the tools that assist in forecasting.
Scenarios
The Delphi technique
Simulation
Describe The Delphi Technique.
Based on consensus of experts.
Experts refine opinions until they reach consensus.
Describe the scenario forecasting tool.
A written description of a possible future.
Multiple scenarios = written descriptions of possible futures
Describe the simulation forecasting tool.
A representation of a real system. Describes behavior of real system in quantitative or qualitative terms.
List the creative process
Prepare
Concentrate
Incubate
Illuminate
Verify
